As of July 29, 2024, MAGA Memecoin (TRUMP/USDT) has declined by 20% over the previous week to $5.35, regardless of the broader crypto market being bullish in response to the CoinMarketCap heatmap. The bearish sentiment surrounding the Trump Memecoin is so robust that even Trump’s bullish crypto statements on the 2024 Bitcoin convention haven’t reversed the downward pattern.
Former U.S. President Donald Trump endorsed the MAGA Memecoin mission on the Bitcoin 2024 convention. In a tweet posted by Steven Steele, Trump praised the initiative for elevating funds for veterans and little one trafficking prevention.
Beforehand, MAGA Memecoin surged by 60% following an assassination try on Donald Trump at a rally in Pennsylvania. The price jumped from $6.31 to $10.36, inflicting its market capitalization to develop from $293 million to $469 million in lower than 45 minutes. The price has since then dropped to under $6.
MAGA Coin Faces Bearish Development as Worth Drops to $5.35
As of July 29, 2024, MAGA coin (TRUMP/USDT) has skilled a pointy decline, falling 20.60% over the previous week to $5.35. Within the final 24 hours alone, its price has dropped by 7.29%, highlighting a deepening bearish pattern.
Ranked #222 by market capitalization, MAGA coin’s market cap presently stands at $235,236,869. The 24-hour buying and selling quantity has additionally decreased considerably, falling by 50.16% to $8,693,900.
The every day chart for MAGA/USDT reveals a descending triangle sample, a transparent bearish sign that implies potential additional declines. The Alligator indicator, with strains positioned at 6.842, 6.524, and 6.304, exhibits a bearish crossover, indicating a sustained downtrend.
Including to the bearish sentiment, the Relative Energy Index (RSI) sits at 41.10. This degree approaches oversold territory however doesn’t but point out a robust reversal.
MAGA Memecoin faces instant resistance at $6.84, marked by the higher Alligator band. Additional resistance ranges are seen at $8.89 and $11.38, similar to the 0.618 and 1 Fibonacci retracement ranges, respectively. On the draw back, the token has robust assist at $5.30. If this degree is breached, it might set off a transfer in the direction of the $4.87 assist zone.
MAGA Memecoin Worth Prediction for August
Given the present bearish indicators, the MAGA Coin is more likely to face continued downward strain. If the price fails to carry above the instant assist degree of $5.780, it might check decrease ranges, doubtlessly across the $5.000 mark.
Nonetheless, if the price breaks above the instant resistance ranges of $6.243 and $6.333, it could sign a possible reversal or at the very least a brief reduction rally.